WELLESLEY, Mass., April 18, 2018 (GLOBE NEWSWIRE) -- An alarming number of high-profile incidents involving deficiencies within the U.S. public works infrastructure has caused a greater attention to safety, according to the BCC Research report Advanced Materials and Technologies for Public Works Infrastructure Projects.
The market for advanced infrastructure materials and subassemblies was worth $11.5 billion in 2017 and is forecast to increase to $17.1 billion in 2022, reaching a compound annual growth rate (CAGR) of 8.2%.
Public works are construction or engineering projects executed by governments or other agencies on behalf of the community, including bridges, tunnels, highways, roads, railroads, airports, canals, dams, dikes, artificial harbors and some pipelines. The term “advanced materials” is relative and applies to the current generation of innovative materials and technologies.
Research Highlights
- Highway construction and rehabilitation account for the largest segment within the infrastructure and subassemblies market, as it is estimated to have a 74.3% share in 2022.
- The bulk of the highway market can be attributed to a superior performing asphalt known as SUPERPAVE, which is produced by the Strategic Highway Research Program (STRP).
- Other advanced materials with significant market shares include high-performance concrete, fiber-reinforced polymer composites and geosynthetics.
“The amount of money the United States spends on maintaining and upgrading its infrastructure is bound to increase substantially in the years ahead and, no matter how much is spent, at least some people will consider it insufficient,” said Andrew McWilliams, BCC Research analyst and author of this report. “Confronted with tight budgets and long to-do lists, one of the most effective ways to ensure the greatest return on investment is by using the right technology to optimize efficiency.”
The report will be useful to public works officials typing to maximize their return on investments, as well as executives, entrepreneurs, investors, venture capitalists and other readers seeking to understand how an invigorated market for infrastructure technologies will affect their businesses.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.